George Osborne: I wish I had done more in our first year

George Osborne today confessed he wished he had taken more “big decisions” in the Coalition’s first year.

In a candid interview with a group of schoolchildren, the Chancellor said his “biggest regret” was that he wasted the opportunity to do “even more” while the Government was still new.

“When you get into office that’s your opportunity to take some really big decisions — and we did take some big decisions — because then you’ve got a few years to see them played out,” he said.

“But actually I look back and think there’s even more we could have done to fix some of the economic problems. And I want to go on, therefore, taking decisions that will help create jobs for you and your families, and to make sure the country’s more prosperous.

“If anything, it’s like I wish we’d done even more. But that’s all right — we are doing more now.” His comments were interpreted by critics as an admission that he waited too long before acting to boost the housing market.

The hallmark of Mr Osborne’s first year as Chancellor was emergency action to cut the runaway deficit and stabilise the nation’s finances, leading to concern that austerity cuts had delayed the recovery.

But one of Mr Osborne’s allies said he had been talking about long-term reforms, such as his recent idea for a Northern Hub to boost the regional economies. “He was talking about things like the economic reforms to rebalance the economy,” said the ally. “But his first priority had to be clearing up the mess he inherited.”